MUNICH - Lilium N.V. (NASDAQ: LILM), a pioneer in electric air mobility, has reached a significant regulatory milestone by obtaining Design Organization Approval from the European Union Aviation Safety Agency (EASA). This approval positions Lilium as the first entity qualified to certify an all-electric vertical take-off and landing (eVTOL) jet under EASA's stringent SC-VTOL regulations.
The company announced the commencement of assembly for the full-scale Lilium Jet at its production facilities. Additionally, Lilium has formalized a Memorandum of Understanding with Lufthansa to explore eVTOL opportunities and extended its partnership with Inobat for high-volume battery cell production, reinforcing its strategy of multiple sourcing.
Lilium's establishment of the eVTOL industry's initial Aftermarket Service Business, Lilium POWER-ON, is anticipated to generate over $5 billion in recurring revenue by 2035. The company has already solidified strategic partnerships for aircraft spares, maintenance, repair, and fast charging solutions.
In terms of financial progress, Lilium successfully raised $292 million in additional capital in 2023 and received its first customer pre-delivery payments for the Lilium Jet sooner than expected. The company also reported that its cash consumption for the period was below its guidance.
Lilium's CEO, Klaus Roewe, reflected on the past year as pivotal, marking the transition from design to production and securing critical partnerships. Looking forward, Roewe identified the first manned flight of the Lilium Jet, targeted for the end of 2024, as the next crucial step in the company's development program.
Lilium aims to revolutionize regional transportation with the Lilium Jet, an aircraft designed for high capacity, low noise, and zero operating emissions. The company's team, now exceeding 950 individuals, is focused on accelerating the decarbonization of air travel.
This report is based on a press release statement, which also contains forward-looking statements regarding Lilium's business model, market operations, commercialization timeline, and regulatory milestones. These statements are subject to various risks and uncertainties, and actual results could differ materially.
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